Sec. 1. 11 MRSA §9-302, sub-§(1), ¶(d), as amended by PL 1997, c. 429, Pt. C, §20, is further amended to read:

(d) A purchase money security interest in consumer goods where the amount financed, as defined in Title 9-A, section 1-301, subsection 5, is less than $2,000, but fixture filing is required for priority over conflicting interests in fixtures to the extent provided in section 9-313;

SUMMARY

This bill amends the Uniform Commercial Code, secured transactions, to eliminate the dollar limitation in the provision allowing perfection of a purchase money security interest in consumer goods without filing a financing statement. This bill makes Maine law consistent with the laws of 47 other states, none of which has a dollar limitation.